Topic: India is taking the privacy out of cryptocurrency (Read 98 times)
This come as no surprise as this is the only way to maintain control of the crypto currency , since they wont be able to contain it through the crypto they will maintain control through the people.They have expressed concerns that it is being used as a major way to launder money even though no data exist to show this and those that do exist don't support this assertion.im not sure that any real privacy ever did exist cause ive seen major crackdown and even arrest of some individuals for dealing in cryptos this suggest that you definitely can trace transactions so its already not as private as we think.the major concern is maintaining control and coming up with excuses that drives fear into people is the best way to gain quick acceptance and maintain your power levels and position in the global foodchain.
This is no news, there had been KYC for sometime now. We have also submitted our personal documents regarding our identity on every exchange where we buy or sell Bitcoin. I am from the Philippines and its had been our practice to submit our government ID before we even cash out. Not following the rule will only limit us on the transaction we can make. So we are use to this kind of regulation.
You won't get used to it when one day you get to see your withdrawal fee turned $1000 in btc for along with it is the tax for withdrawing 1BTC, this is something you would have to deal with one day. You can either keep your BTC n the exchange instead of simply trade on localbitcoin meetups which is a riskier than giving your sharing to your country.
https://thenextweb.com/hardfork/2018/02/13/indias-cryptocurrency-fans-might-have-to-link-their-aadhaar-ids-with-their-wallets/
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
Quote
India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
This is no news, there had been KYC for sometime now. We have also submitted our personal documents regarding our identity on every exchange where we buy or sell Bitcoin. I am from the Philippines and its had been our practice to submit our government ID before we even cash out. Not following the rule will only limit us on the transaction we can make. So we are use to this kind of regulation.
I don't think that local bitcoins will help anyway as to get the coins they will have to acquire the coins in their wallets and in general we have to connect the Adhaar card to the wallets itself. But somehow I am sure that this will help the Indian fans to get the things done legally so they wont worry much about it getting banned in their country. I am pretty sure this will bring the stability into their own ecosystem where they can trade the digital currencies freely. Its good step that they have taken actual because somewhere somehow it will affect the trades in a good ways.
Yeah this is going to be the norm everywhere but its okay because decntralized exchanges, out of country exchanges using TOR and atomic swaps are all easy ways to dodge these barriers and regulations, its comical to see governments think they can control it.
I'm not sure they can use exchanges outside India because India has capital controls, so it would be difficult to fund your account with fiat to buy your coins.
No surprises here as they are just taking another step for them to collect the right taxes from people. It may seem bad at first but if you look at the general picture these people who are gaining money from cryptocurrencies are almost always getting away without paying their share of burden to their country. What they are doing is for their nation's interest and it is one of the necessary steps needed in order for us to move forward. Hopefully they change their minds on making Bitcoin as a payment method again.
https://thenextweb.com/hardfork/2018/02/13/indias-cryptocurrency-fans-might-have-to-link-their-aadhaar-ids-with-their-wallets/
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
Quote
India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
Sure they can do this but know that people who are into Bitcoins know how to do some workaround. Once a thing exists in the internet, which sure reaches multitude of people across borders, it will be difficult to catch culprits especially so when data have been safely kept with heavy encryption. Bitcoin has been designed to combat all these kind of privacy issues from the onset, therefore, I think what this write up is saying is just not probable.
The only way for others to get a hold of your wallets is when you are careless about securing your passwords, and that is ONLY it. There is no way your wallets will be traced unless due to your own negligence. You will know this when you are into Bitcoin, otherwise, you are just theorizing.
Its a good way to monitor and get tax from the investors in their country. I guess some of the countries may follow India's way as they can see its going to work. Traders may start avoiding exchanges and will stick to holding tokens on MEW wallets and desktop wallets.
Loclabitcoin meetups is a lot dangerous, its too risky.
Yeah this is going to be the norm everywhere but its okay because decntralized exchanges, out of country exchanges using TOR and atomic swaps are all easy ways to dodge these barriers and regulations, its comical to see governments think they can control it.
Such regulations are useless because it is very hard to control the money in crypto, I even don't mention privacy coins. But I think these news will make privacy coins take off.
They can link the Aadhar card only to their domestic exchange wallet but I don't think most of the Indians using domestic exchange for trading the bitcoin,they are using localbitcoins mostly because there is always heavy demand for bitcoin on localbitcoin.com in India.
But where they are taking the privacy out of the crypto currency,no one can identify how much bitcoins we are having in our wallet they only can identify if we convert it into fiat.Maybe they are doing this to implement the taxation on crypto currencies.
But where they are taking the privacy out of the crypto currency,no one can identify how much bitcoins we are having in our wallet they only can identify if we convert it into fiat.Maybe they are doing this to implement the taxation on crypto currencies.
https://thenextweb.com/hardfork/2018/02/13/indias-cryptocurrency-fans-might-have-to-link-their-aadhaar-ids-with-their-wallets/
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
Quote
India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
I can see more countries regulating Bitcoin like this, probably to ensure they can track your sales and make sure they're getting their cut of the tax. Time will tell I guess
https://thenextweb.com/hardfork/2018/02/13/indias-cryptocurrency-fans-might-have-to-link-their-aadhaar-ids-with-their-wallets/
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
Quote
India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.
Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).
While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.
The decision to propose traceable activity within India’s domestic exchanges follows a statement from the country’s Finance Minister from earlier this month, in which he said that cryptocurrencies aren’t legal tender there (to be clear, no currency except the Indian Rupee is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
In addition, India’s tax authorities have issued notices to some 100,000 investors, asking them to reveal the profits they’ve earned through trading. There’s likely plenty in taxes to be collected, as one in every 10 Bitcoin transactions is said to take place in the country.
It’ll be interesting how this plays out, and what it spells for investors across India. After the proposal is submitted to the government panel overseeing cryptocurrency activity this week, it’s expected to share its recommendations next month.
If you have to link your national ID number to your accounts on the exchanges, they can pretty much trace everything you do, because they've linked your identity to your wallets.
I expect the only way around this is buying coins in person via localbitcoin meet-ups.
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